Loan Modification Bailout – Take Action to Save Your Home From …
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The best choice is to go with a company that is part of the government loan modification bailout program. The companies in this program are able to offer modifications to people whose loans are larger than the value of their house and …
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Anyone know a good mortgage loan modification company in Georgia?
The Federal Government has set up a website to educate homeowners about the loan modification process-www.makinghomesaffordable.gov. Basically there are 5 requirements to qualify for a loan modification. They are:
1. The home needs to be the homeowner’s primary residence;
2. The mortgage must be less than $729,750;
3. The homeowner is having trouble making their existing mortgage payment;
4. The mortgage was established before January 1, 2009; and
5. The homeowner payment on their first mortgage (including principal, interest, taxes, insurance and homeowner’s association dues) is more than 31% of their current gross income.Homeowners don’t need to pay a company to obtain a loan modification. However, sometimes it can be better to have someone, such as a lawyer or credit counselor, negotiate on your behalf. A good strategy is to talk to as many experts as you can prior to contacting your bank. Many of these services will give you a free consultation.
A good site to begin can be found www.credit-hub.net/loan-modification where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals.
I ended up contacting the bank by myself, but knowing what was possible in advance helped me tremendously.
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Homeowners' smart guide to loan modification
Loan servicers are the mortgage companies that collect payments from homeowners, they do not own the loans. They collect fees from the investors who do own …
